Capstone Closes $129.26 Million Sale of 384-Unit Class A Apartment Asset in the Raleigh MSA

RALEIGH, NC—Capstone Apartment Partners has closed the $129.25 million sale of Elevate Powell & Broad: 384-unit new construction apartment asset in the Raleigh suburb of Fuquay-Varina. Situated right off the Highway 55 corridor, the property features luxury Class A finishes and an expansive amenity package, putting it amongst the top rental options in the area.

The Capstone Carolinas brokerage team of Alex McDermott, Austin Green, Caleb Troop, Thomas Colaiezzi, Jourdan Sullivan, and Travis Cundiff sold the asset on behalf of Greensboro-based Signature Property Group.

The buyer is Bethesda, Maryland-based Aldon Management Corp, who has rebranded the community as Aldon at Powell & Broad. They acquired the asset with the intention of furthering their scale in the NC Triangle market. In May, Aldon purchased Sanctuary at Powell Place in nearby Pittsboro in a sale also brokered by Capstone.

Newly built in 2021, Elevate Powell & Broad is comprised of one- and two-bedroom apartment homes with Class A finishes including wood-style flooring, shaker cabinetry, granite countertops, stainless steel appliances, brushed nickel fixtures, plantation blinds, ceiling fans, walk-in closets, and a patio or balcony. First floor units feature sleek polished concrete floors.

Community amenities include a resort-style swimming pool, fitness center, business center, game room, pickle ball court, playground, pet spa, car care center, picnic/grilling area, and two dog parks. Garages and storage units are also available for residents to rent. Elevate Powell & Broad was approximately 97.13% occupied at the time of closing.

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